Valeant's stock drops after J.P. Morgan turns bearish [MarketWatch]
VALEANT PHARMACEUTICALS (VRX)
Last valeant pharmaceuticals earnings: 2/28 07:00 am
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Source: MarketWatch
Valeant's stock drops after J.P. Morgan turns bearish Shares of Valeant Pharmaceuticals International Inc. VRX, -3.02% dropped 4.3% in premarket trade Thursday, after the drug maker was downgraded at J.P. Morgan, which cited valuation and concerns over patent losses and debt levels. The rating was cut to underweight, after being at neutral for the past 18 months. The stock price target was raised to $12, which is 46% below Wednesday's closing price of $22.05, from $10. The stock has soared 92% since the company announced the divestiture of "female Viagra" on Nov. 6 and reported third-quarter results on Nov. 7. "While Valeant has made progress stabilizing its core operations and addressing near-term debt liabilities, the company still faces significant patent erosion over that that will results in a step down in 2018 [earnings before interest, taxes, depreciation and amortization]...and muted recovery off of these levels," J.P. Morgan analysts wrote in a note to clients. They said c
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